Tree Island Announces Listing of Debentures

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2010) - Tree Island Wire Income Fund ("Tree Island" or the "Fund") (TSX:TIL.UN) announced today that it has received final approval from the Toronto Stock Exchange (the "TSX") to list an aggregate $19,750,000 principal amount of 10% second lien convertible debentures (the "Debentures") issued pursuant to the Fund's recently completed rights offering and its private placement that was completed on November 26, 2009. The Debentures mature on November 26, 2014 and are convertible into units of the Fund at a price of $0.50 per unit, subject to adjustment in certain events. The Debentures will be listed and posted for trading on the TSX commencing February 4, 2010 under the symbol "TIL.DB".

Fund Profile

The Fund was launched on November 12, 2002, with the completion of an Initial Public Offering. The Fund holds a 100% ownership interest in Tree Island Industries Ltd. (the "Company"). The Fund's performance depends entirely on the performance of the Company.

Tree Island Profile

Headquartered in Richmond, British Columbia, Tree Island Industries Ltd. produces wire products for a diverse range of construction, agricultural, manufacturing and industrial applications. Its products include bright wire, stainless steel wire and galvanized wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products, engineered structural mesh, fencing and other fabricated wire products. The Company markets these products under the Tree Island and TI Imports brand names. Tree Island also owns and operates a Hong Kong-based trading company that provides internationally sourced products to the Company and its customers worldwide.